How to Pay Rent as a College Student or Affording Apartment

It does not matter who you are or what you do, paying your rent as a college student can be an overwhelming experience.

If you are still struggling to pay rent, then it may lead to the stress and pressure of being behind on bills every month.

This post has some tips for how to pay rent as a college student.

How to Pay Rent as a College Student

If you are a college student who wants to rent an apartment, there are several steps you can take to make yourself more attractive to landlords.

You can pay your rent as a college student by budgeting carefully and planning ahead. Also, consider having roommates to reduce the cost, setting up automated payments and leaving a buffer on your expenditure.

To raise funds for apartment rent, you can take part-time jobs or seek financial aid.

Let us look at each of those options so that you can explore on what you need to know:

1. Plan Ahead

One of the most important steps you can take to ensure that you always make your rent payments on time is to plan in advance.

This ensures that you will have enough money saved up to be up-to-date when it is time to pay your rent.

2. Budget Carefully

Try to figure out how much money you need for rent, including utilities such as electricity and Internet service.

Furthermore, you will also need money for food, laundry, and other necessities like furniture.

Make a budget that covers all of these costs, then add a little extra for contingency funds.

3. Consider Roommates

Sharing an apartment with roommates is a great way to make ends meet when it comes to renting. In most cases, splitting the cost of rent between roommates makes living alone more affordable than moving into a dorm room on campus. 

Just be sure that everyone is on the same page when it comes to making rent payments on time each month so that you do not find yourself stuck with the bill at the last minute.

4. Set up Automatic Payments

If your landlord accepts credit cards or automatic bank transfers as payment options, take advantage of them. 

Notably, many landlords are now accepting some form of online payment, which allows you to automatically pay your rent every month through your checking account. You can set up autopay on the first day of each month or whenever works best for your lifestyle.

5. Leave a Buffer

Some months, your expenses may exceed what you budgeted for. If this happens, it is a good idea to leave a small amount of money in your checking account as a buffer so that you do not overdraft.

This extra money will allow you to cover any unexpected expenses without having to sacrifice paying your rent on time.

6. Find a Part-time Job

If you want to make money, the best way to do it is to find a part-time job. If you cannot find one on campus, there are lots of off-campus options.

Check job listings online and apply for positions in your area that fit your skills and schedule.

7. Apply for Financial Aid

Financial aid comes in many forms and can help you pay your rent. You can apply for financial aid at the beginning of each school year through the FAFSA website.

 You must fill out this form as soon as possible during the school year because many forms of financial aid operate on a first-come, first-served basis and if you wait too long, these funds may be depleted before you get them.

Why Students Pay Rent in College

There are several reasons why students might rent instead of living at home or in on-campus housing:

• To move closer to school: This can be important if you attend a university far from where you grew up. For example, if you have no trouble getting home on weekends but have a long commute during the week, it might make sense to rent an apartment near campus and commute home on weekends, or vice versa.
• To gain independence: This is another common reason for moving out of your parents’ house and into an apartment. While your parents will always be there for support, living by yourself lets you experience what it’s like to be on your own.
• Because of personal preference: Some people prefer not to live in dorms or with their parents when attending college. They may want more privacy or more freedom than is available in those locations. So, they choose to move off-campus and rent an apartment instead.

Tips on How to Reduce your Rent Costs

1. Landlords are more likely to negotiate on rent when it is low season, typically the winter months.

Summer is the time when demand for rentals is highest so you may have less chance of getting a reduced deal.

2. If you are going to be signing a new lease, find out what the previous tenants paid.

If they paid less than you, speak with your landlord and see if they will match it.

3. If you can afford to pay more than one month’s rent as a deposit, this could help reduce your monthly payments.

4. Ask your landlord if they would consider reducing their rental rates based on referrals. For example, if you put them in touch with someone who then signs a lease, ask for a discount on future payments.

5. Negotiate directly with your landlord rather than through an agent or third party.

This is especially important if you already have a good relationship with them and want to maintain this rapport by being upfront about any financial difficulties that you might be facing at present that could affect your ability to pay rent.